St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-25
FINANCIAL.
New York.

NEW York, June 24.-Money on call per
cent per annum to SIG per cent and inter
est per diem; Glast loan 6 per cent closed
at s per cent bid. Prime mercantile paper
5@6 per cent. Sterling exchange heavy at
81 1894 for sixty day bills, and ST S4Jl for
demand. The stock market was subjected to-
day to one of the heaviest drives eyer known
in its history, and, although its duration was
short-about an hour and IL half-the depres-
sion caused i'll prices during that time was
something unprecedented. The market early
i'll the morning gave no indication of ANYTHING
unusual, and although prices were heavy,
the same quiet business usual of late was
transacted Suddenly, shortly after II
o'clock, the attack was begun. the Gould
stocks being the particular object of atten-
ton Manhattan was quickly marked down
from 1862 to 115, Missouri Pacific from
1O5A to 90, and Western Union from 75sb
to 67Is Rumors were circulated at the same
time of disagreement between Messrs. Gould.
Field and Sage, and laterthis was followed by
reports of the death of The first named gen
tleman. The money market was not neg
lected but rates were marked up to 5 I-i6
and interest. A Tremendous selling move
ment began, which soon became Il panic. and
fluctuations were no longer confined to frac-
tions, but prices dropped in some cases 203
per cent al a time. The stories in regard to
MIR. Gould soon met with denial, and even
professional bears were influential in stop
ping the wild sales of securities Other
rumors which had been set afoat were dis
proved, and liberal buying soon turned the
tide of affairs. free recovery followed in
all except q few of the conspicuous weak
stocks, among which Manhattan and Rich
mond and West Point were most conspicuous.
The specialtieS were not Sharers to any great
extent iii the movement, which was confined
to the leading speculative stocks OF the day.
The opening was
QUIET AND FIRM TO STRONG
first prices general lily showing advances of
from ia to IS per cent. over Yesterdays clos
ing figures The Gould stocks were notice!
ably heavy, though the declines for tho
first hour were confined to less than
i per cent, while the remainder of the mar
ket was Irregular, with narrow fluctuations.
The market gave indications of u firmness
when the great drive was made when every
thing gave way with rush, sales for ti1e
first hour being something enormous-ahouf
100000 shares. The worst of the decline
was over by noon, but further progress was
made in many stocks and alrecovery was NOT
fairly under way before l D. m. The nd
vance was marked by a large decrease in ac-
tivity, and in the neighborhood of 1 O'Clock
the market again subsidized into midsummer
dizziness. There was more trading later
however, being upward at the close it was
still unsettled but generally firm. The total
business for the day was the largest for any
day thus year, amounting to 667, $40 shares.
The entire list lower and Manhattan is down
2lls per cent, Denver preferred 3s4, Rich.
mond q West Point and Northwestern ga
Western Union. 27s; Missouri Paci{fc, 21a
Texas Pacific, i a Colorado coal, ~; Lake
Erie and Western preferred. Ist: Oregon
Transcondnental ] IS; New England, Ia
Reading, lts; Wheeling q Lake Erie, 3: and
others fractional amounts The trading in
railroad bonds Was unaffected by the Hurry
in stocks although prices were generally
heavy and the Atlantic and Pacific incomes,
the leading speculative bond of the day,
was specially active. contributing S24S,.
600 TO the days total of 5000 ooO.. The
market was heavy throughout the day and
closing prices generally Show declines. Hlf
nois Central lost 2Ia at Oslo Texas Pacific
income receipts 3la at 56la; Wabash, general